Photo by Pommelien da Silva Cosme on Unsplash
The Financial Action Task Force (FATF) recommended back in February 2023 to remove the Kingdom of Morocco from the enhanced monitoring process, known as the ‘grey list’. The European Commission has accordingly accepted this recommendation, making the decision after assessing the compliance of the national system with international standards relating to the fight against money laundering and terrorist financing.
This FATF’s recommendation came after the positive conclusions contained in the report of the group’s experts, issued at the end of the field visit undertaken in Morocco in January 2023. This report welcomed the Kingdom’s formal political commitment to the compliance of the national system of combating money laundering and terrorist financing, with international standards, as well as the full compliance of Morocco with all its commitments within the set deadlines.
The decision to remove Morocco from the enhanced monitoring process will have a positive impact on sovereign ratings and local banks’ ratings, and will strengthen Morocco’s image and its positioning in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy.
Under the enlightened leadership of His Majesty King Mohammed VI, the Kingdom of Morocco has reiterated its strong commitment to continue strengthening the national system of combating money laundering and terrorist financing. Leadership from the top has been transformational and this commitment has shown a strategic and institutional character aimed at preserving the national financial system against the dangers of financial crimes.
Morocco’s removal from the Financial Action Task Force’s (FATF) “grey” list on money laundering and terrorist financing is the crowning achievement of the Kingdom’s efforts. In recent years, Morocco has strengthened its legal arsenal in the fight against money laundering. New laws have been adopted, and the country’s institutions have strengthened the mechanisms designed to prevent such practices.
In order to keep up with the constant changes in international anti-money laundering, Morocco is also working to adapt its laws to international standards, in line with the developments of the FATF recommendations.
These actions strengthens Morocco’s attractiveness for inward investment and reassures investors of the soundness of the nation’s legislation and taxation.